This paper examines governance explanations for the discount of preferred shares to common shares in th

Academics responded to the challenges posed by the 2008 financial crisis with a flurry of studies. This collection of articles is just the academic community's first look into it. The articles begin with an examination at the last national housing price crash: the great depression of the 1930s....

This paper presents a model that derives both housing returns and housing construction patterns from events in the real economy. The value of a home, unlike the value of many other financial assets, depends upon the care its owner exerts on upkeep. Within the model banks respond to this moral...

Editorial: Presumably, academic journals exist and publish articles to disseminate new ideas. Somehow that simple goal has been lost. Today, articles appear in print only after a referee is convinced that all other alternative explanations for its results have been ruled out. In reality, no...